WEEKLY MARKET OUTLOOKDECEMBER 3, 2015CAPITAL MARKETS RESEARCHMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research, Inc is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products. For further detail, please see the last page.Subpar Profits Weaken Credit OutlookCredit Markets Review and Outlook by John Lonski Subpar Profits Weaken Credit Outlook. ¯ FULL STORY PAGE 2The Week Ahead We preview economic reports and forecasts from the US, UK/Europe, and Asia/Pacific regions. ¯ FULL STORY PAGE 5 The Long View Check our chart here for forecast summaries of key credit market metrics. Full updated stories, January-November 2015s dollar-denominated corporate bond issuance advanced by 18.4% annually for investment-grade, but plunged by -16.3% for high-yield, begin on page 14.¯ FULL STORY PAGE 14Ratings Round-Up by Ben Garber and Njundu Sanneh Commodity Price Plunge Fuels Downgrades.¯ FULL STORY PAGE 18Market Data Credit spreads, CDS movers, issuance.¯ FULL STORY PAGE 20Moodys Capital Markets Research recent publications Links to commentaries on: ICICI, TLAC, Nike, Pfizer, Noble, MY, HD, Egypt, credit cycle, MCD, WMT, China, BK. ¯ FULL STORY PAGE 24Credit Spreads Investment Grade: Year-end 2015 spread to be a bit under its recent 159 bp.High Yield: Recent spread of 643 bp should approximate 625 bp by year-end 2015.Defaults US HY default rate: October 2015, 2.8%; Moodys Credit Policy Group forecasts 3.8% by August 2016Issuance For 2015, US$ IG bond offerings may grow by 18.5% to $1.338 trillion, while US$ HY bond issuance sinks by -14% to $364 billion. In 2014, US$ IG bond issuance rose by 0.9% to $1.129 trillion, while US$ HY bond issuance dropped by -2.3% to $421 billion.Click here for Moodys Credit Outlook, our sister publication containing Moodys rating agency analysis of recent news events, summaries of recent rating changes, and summaries of recent research.Moodys Capital Markets Research, Inc.Weekly Market Outlook Contributors: David W. Munves, CFA 1.212.553.2844 david.munves@moodys.com John Lonski 1.212.553.7144 john.lonski@moodys.com Ben Garber 1.212.553.4732 benjamin.garber@moodys.com Njundu Sanneh 1.212.553.4036 njundu.sanneh@moodys.com Yukyung Choi 1.212.553.0906 yukyung.choi@moodys.com Irina Baron 1.212.553.4307 irina.baron@moodys.com Franklin Kim 1.212.553.4419 franklin.kim@moodys.com Xian (Peter) Li1.212.553.1404 Xian.li@moodys.comMoody's Analytics/Europe: Tomas Holinka +420 ( 221) 666-384 Tomas.holinka@moodys.comMoody's Analytics/Asia-Pacific: Katrina Ell +61 (2) 9270-8144 Katrina.ell@moodys.com Emily Dabbs +61 (2) 9270-8159 Emily.dabbs@moodys.comEditor Dana Gordon 1.212.553.0398 dana.gordon@moodys.comCAPITAL MARKETS RESEARCH2 DECEMB...
